Western companies are severing ties with Russia over the invasion of Ukraine, sanctions

Business News / By Ashley Cornell, email: [email protected] / March 2, 2022

Fox News senior strategic analyst General Jack Keane discusses the Russian convoy heading to Kyiv and the huge number of Ukrainian refugees on the Polish border at Fox Business Tonight.

The United States, Canada, European allies and other countries have announced a crackdown on sanctions against Russia over its invasion of Ukraine, including cutting off Russian banks from the SWIFT messaging service, banning Russian planes, restricting business relations with Russian oligarchs and other measures. isolates the country economically.

Several Western companies have since announced that they are severing ties with Russia, both as a result of these sanctions and because of their disapproval of the invasion of Ukraine.

Oil and gas

BP announced on Sunday that it was leaving its 19.75% stake in Russian oil giant Rosneft and that two of BP’s current and former executives would leave the Russian company’s board.

“Russia’s attack on Ukraine is an act of aggression that has tragic consequences throughout the region,” BP chairman Helge Lund said in a statement. “This military action is a fundamental change. This led the bp board to conclude, after an in-depth trial, that our involvement with Rosneft, a state-owned company, simply could not continue. “

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Shell followed suit Monday, announcing it was severing ties with Gazprom, withdrawing its 27.5% stake in the Sakhalin II liquefied natural gas facility and withdrawing its stake in the nascent Nord Stream pipeline.

ExxonMobil was the last oil company to announce its exit from Russia on Tuesday night, the company said in a press release, saying it “fully complies with all sanctions” and “deeply saddened by the loss of innocent lives.”

Entertainment and technology

Several companies, including Google, TikTok, YouTube, DirecTV and Meta, have restricted access to RT America, Russia’s state-run media, which the US State Department describes as a critical element in Russia’s “disinformation and propaganda ecosystem.”

Warner Bros., Disney and Sony Pictures are suspending the release of upcoming films in Russia.

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Apple has announced that it will stop selling all its products in Russia, including iPhone, iPad, Mac and other devices.

“We do everything possible for our teams [in Ukraine] and will support local humanitarian efforts, “Apple CEO Tim Cook tweeted last week.

Netflix has said it will not broadcast 20 Russian state television channels, which are required to be broadcast under Russian media law.

Transport and delivery

General Motors has suspended exports to Russia and said on Monday it was working to ensure the safety of its staff in the country.

Ford said Tuesday it was suspending all operations in Russia after the invasion of Ukraine “forced us to re-evaluate our operations in Russia.”

Tesla has no official presence in Russia, but the company announced this week that its charging stations in Poland, Slovakia and Hungary will be able to help evacuate Ukraine.

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Harley-Davidson announced on Tuesday that it was shutting down its business in Russia and cutting off all motorcycle supplies to the country.

Maersk, the world’s largest shipping company, said Russia’s invasion of Ukraine was already affecting the global supply chain and the company would suspend all supplies to and from Russia except food, medical and humanitarian goods.

“This exception is to emphasize that our company focuses on social responsibility and strives to support society despite all the complications and uncertainties within the current supply chain to / from Russia,” Maersk said in a press release on Tuesday.

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The United Kingdom became the first nation on Tuesday ban all Russian ships from entering British ports.

Several airlines, including American Airlines, Delta Airlines and United Airlines, have suspended all incoming and outgoing flights to Russia.